National Steering Committee, SFF project to launch
Key actors in financial education and financial literacy
For several years the Minister of Education has aimed to promote financial education in secondary schools and junior colleges and to increase the weight of financial education in the official curriculum.
Icelandic Financial Services Association
Financial literacy is an issue which each year attracts more and more attention in Iceland. The Icelandic Financial Services Association (SFF) places a great importance on the issue and one of its main objectives is to increase financial literacy, especially amongst young people, and to raise awareness on the importance of financial literacy.
As an additional contribution to the work that has already taken place with public authorities, SFF has started its own project on financial education, named Fjármálavit.
The project was launched in march 2015, simultaneously with the European Money Week. During the first money week, members of the SFF visited schools with the financial education materials of Fjármálavit. Since then, Fjármálavit is being introduced to at least 90% of every 15 years old students all over the country during the school year
The education material is available on a dedicated website and also there is an active Facebook side with pictures and videos from school visits.
Financial education is an issue that has enjoyed a great deal of attention in Iceland in recent years. Apart from the above input from the Icelandic government and SFF, there have been several initiatives undertaken by private parties regarding financial education. All of these private parties have the same main objective which is to increase financial literacy in Icelandic society, focusing on youth.
Example of good practice
Several banks provide educational material for schools and young people through various platforms. Most of them have special sections on their websites with financial literacy content that has been especially adapted to young people, like web based interactive games, blogs on personal finance and short videos containing financial information.
Financial education part of curriculum? Yes, as part of other subjects
PISA financial literacy ranking (OECD, 2012): did not take part